Answered: 6. Compare & contrast EITC, the…

6. Compare & contrast EITC, the minimum wage, and UBI. Which do you think is most effective in alleviating poverty and furthering the goals of a more just society? Why? (4-6 sentences.)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 34CTQ: Many critics of government programs to help low-income individuals argue that these programs create...

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Compare & contrast EITC, the minimum wage, and UBI. Which do you think is most effective in alleviating poverty and furthering the goals of a more just society? Why? (4-6 sentences.)

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1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2001, the poverty line is set at an annual income of $30,000 for an individual. Share of Total Income in Perkopia (Percent) Year Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile 2001 5.0 11.0 16.0 24.0 44.0 2007 3.9 9.7 15.2 22.6 48.6 2013 3.5 8.8 14.7 22.0 51.0 2019 3.0 8.6 14.0 21.5 52.9 The data in the table suggest that there was v income inequality from 2001 to 2019. Complete the following table to help you determine the poverty rate in Perkopia in 2001. To do this, begin by determining the total income of all individuals in each quintile using the fact that total annual income in the economy is $500,000,000. Next, determine the income of an individual…